When I talk to people about entrepreneurship, I sometimes get fear-based responses. After all, it can be hard to think about leaving behind the “guarantees” of a big paycheck and an apparently secure position. But having a corner office doesn’t shield you from pink slips. In fact, experience and a big paycheck can work against you if your employer falls on hard times and needs to slim down. Entrepreneurship actually gives you more, not less, control over your situation. And if you’re struggling with common fears about flying solo, self-employment through franchising can be the perfect answer.
There are three fears in particular that I hear most often from the candidates I work with: fear of isolation, fear of the unfamiliar, and fear of business failure. Keep reading to learn how franchising helps conquer these.
Fear of Isolation
Many people assume that entrepreneurship means working without guidance or support. When people think of entrepreneurs, they often think of a lone visionary trying to build a business from nothing. That may be a common situation for traditional entrepreneurs, but franchisees get a much better deal.
When you opt for self-employment through franchising, you opt into an established network of support. I know this is true because I’ve experienced it firsthand. As a new franchise owner, you’ll be able to tap into a directory of established owners who can offer practical tips or just sympathy to make the startup process easier. And the network doesn’t go away just because you get some experience under your belt. Any time on your ownership journey, you can pick up the phone and call another franchise owner for encouragement or advice–but you’ll also gain the pleasure of paying things forward and being the encourager and advisor for others.
In franchising, you also get support from the corporate office. Details vary, of course, but franchisors typically provide startup guidance to help you get your business off the ground, plus ongoing marketing support to help bring people through the door. Many franchise companies also provide online or in-person training to help you be a better business owner. Finally, franchisors often leverage the size of their networks to negotiate better service and supply costs for owners–a benefit you can’t get as a solo business owner. I always recommend that first-time entrepreneurs lean hard into this support because it can really help accelerate your success.
Fear of the Unfamiliar
If you’ve been a corporate employee your entire career, entrepreneurship is unfamiliar. You haven’t experienced it and don’t know how you’ll perform in that role. But think about it from another perspective. As a consumer, you’re already deeply familiar with franchises. Have you ever grabbed doughnuts at Dunkin’, stayed at a Hampton Inn, or had your oil changed at Valvoline? They’re all franchises, and so are many more of the nation’s most familiar businesses. As an experienced franchise customer, then, you already know what people expect from franchises and how successful they can be.
In addition, self-employment through franchising has parallels to managing a division within a company. Vice presidents and C-level executives have to hire and fire employees, oversee marketing plans and expansions, manage their division’s finances, and create a successful customer experience. Guess what? Those are a franchisee’s key responsibilities, too.
In other words, many of the skills that you’ve developed as a corporate leader will translate easily to running your own franchise. You can even pick a business type or ownership model that most closely matches your skills and experience. If you’re a CFO, for instance, a financial services franchise might be your perfect fit. Or if you’re a marketing director, look for a franchise with a unique brand story. Mid-career managers may prefer working as owner-operators, while C-levels considering early retirement might prefer executive ownership.
Fear of Business Failure
As I mentioned earlier, many people think of entrepreneurs as solo visionaries building businesses from scratch. For some people, that’s an appealing picture. For others, it’s a nightmare. Growing a business from nothing means months or years of trial and error, figuring out product-market fit, pricing, operational efficiencies, and more–all while your own money and/or your investors’ is on the line. Unlike with a large corporation, you have nothing to catch you if you make a bad decision. You can easily burn through your savings and end up with nothing to show for it.
In franchising, however, the franchisor has already figured out all those questions. They provide a complete business system, and all you have to do is step in and follow the instructions. You’re building your business using an established brand that has been optimized for maximum profitability. It’s in the franchisor’s interest for their franchisees to succeed, so they carefully plot territories to help reduce competition between owners and typically help share the load of marketing to help you acquire customers.
Remember: franchisors cover the spectrum from large national brands to small regional ones, and from brands that are more than a century old to brand-new enterprises. And they all have to disclose detailed financial information through the standardized Franchise Disclosure Document. During the due diligence process, you’ll have plenty of information at your fingertips to choose a franchise with a level of business experience that makes you feel secure.
Bottom line? Entrepreneurship doesn’t have to be scary. If you take the path of self-employment through franchising, the industry has safeguards to help protect against the most anxiety-provoking aspects of business ownership. And I can help, too. My services are always free and include personalized help finding a franchise that suits your personal experience, resources, and risk tolerance. Schedule a call with me or my co-consultant Lauri to learn how we can demystify the franchise process and make entrepreneurship fun, not fearful.
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